URA closes tender bid for Choa Chu Kang site

The Urban Redevelopment Authority (URA) has closed the tender for a 53,200-square metre residential site at Choa Chu Kang Drive.

The highest offer for the site was for S$116 million, which translates to S$203 per square foot. The offer was submitted by Tian Hock Properties.

Li Hiaw Ho, executive director of CBRE Research said given the top bid of S$203 per square foot and an estimated breakeven cost of S$580 to S$600 per square foot, the estimated selling price could be S$650 per square foot if the project is launched in a year.

The site at Choa Chu Kang Drive was launched for public tender in March 2008, and is on a 99-year lease.

URA said the winner will be selected after all bids have been evaluated. – CNA /ls

Source : Channel NewsAsia – 26 May 2008

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